The integration of generative AI into enterprise search is revolutionizing how businesses handle vast amounts of data and complex contractual relationships. Elastic, a leader in enterprise search technology, introduced the Elasticsearch Relevance Engine (ESRE) in May 2023. This marked a significant shift in their search strategy, combining traditional keyword-based search methods with advanced vector search capabilities. The hybrid approach allows for a deeper understanding of context and semantics in large data repositories, offering more sophisticated ways to retrieve relevant documents from Elasticsearch stores.
Elastic’s CEO, Ash Kulkarni, highlighted the company’s progress in incorporating retrieval augmented generation (RAG) into its vector database technology. This enhancement allows for enterprise RAG capabilities like permissions, faceted search, and hybrid search, providing developers with a wide range of functionalities and flexibility in model choice. This approach emphasizes Elastic’s commitment to openness and giving developers the tools they need to succeed in the AI-driven landscape.
On the other hand, DocuSign is leveraging AI to transform contract management processes. DocuSign’s CPO, Dmitri Krakovsky, outlined their vision of using AI agents to aid in contract negotiation. The Intelligent Agreement Management (IAM) platform aims to convert static contract data into actionable insights by analyzing contracts through Maestro, Navigator, and App Center. This platform addresses a critical gap in enterprise digitization, where contracts have been digitized but remain challenging to reason, query, and understand at scale.
By automating the analysis of contracts, DocuSign’s approach has enabled customers to identify inconsistencies and opportunities, ultimately saving significant costs. The platform has the potential to transform contract management from a labor-intensive task to a strategic business function by making the process more efficient and effective.
Responsible AI Adoption and End-to-End Solutions
Both Elastic and DocuSign executives emphasized the importance of responsible AI adoption. They highlighted the need to move fast but with caution, ensuring that sensitive data like contracts is handled with care and transparency. DocuSign prioritizes data security and transparency in all their processes, emphasizing the importance of maintaining trust with their customers.
Additionally, the focus on delivering end-to-end solutions rather than piecemeal offerings was underscored by both executives. This approach aims to solve problems comprehensively and efficiently for customers, avoiding the need to cobble together multiple tools to address a single issue. This strategic alignment with customer needs demonstrates a commitment to providing value and simplifying complex processes.
Cost optimization has emerged as a critical factor in AI adoption, with companies like DocuSign examining resource utilization to maximize value. Efficient resource consumption is essential for sustainable AI scaling, especially for companies managing significant data volumes. Elastic’s CEO predicted changes in AI economics, with the cost of inference expected to decrease due to improvements in hardware technology and increased competition in the large language models space.
Looking ahead, both executives discussed the expanding capabilities of AI, particularly in multimodal AI models and specific applications in contract management. These advancements signal a shift towards more sophisticated and automated processes in enterprise workflows, highlighting the potential for AI to drive significant value and efficiency in various industries.
Real-world examples of AI applications in enterprise settings, such as Cisco using Elastic’s technology to automate customer support processes, demonstrate the tangible benefits of AI-powered search tools. Similarly, a Fortune 100 bank leveraging Elastic to transform client interactions in wealth management showcases the potential for AI to create personalized and informed experiences for customers. These applications underscore the transformative impact of AI on enterprise operations and customer engagement.
The transformative power of generative AI in enterprise search and contract management is vast, with the potential to streamline processes, save costs, and drive innovation. However, navigating the technical, ethical, and operational challenges associated with AI adoption remains crucial. Addressing issues of data privacy, model transparency, and cost-effective scaling will be essential in maximizing the benefits of AI in enterprise environments.